Oligomerix Announces Series B Extension Raise of $2.7 Million to Support Phase 1 Clinical Development
— Phase 1 trial of tau-targeting lead program planned to begin in 3Q22 —
— Funding will also support the characterization of the Company’s second-generation assets —
WHITE PLAINS, N.Y.–(BUSINESS WIRE)–Oligomerix, Inc., a privately held company pioneering the development of small molecule therapeutics targeting tau for rare neurodegenerative and Alzheimer’s diseases, announced that the Company has recently closed an extension of its Series B funding round, raising $2.7 million. Funding from the Series B will allow Oligomerix to accelerate its transition into Phase 1 human clinical development planned for early 3Q 2022.
“There is a significant need in the field of neurodegenerative diseases for novel treatment strategies, specifically solutions that are cost-effective and globally scalable,” said Bill Erhardt, M.D., Chief Medical Officer of Oligomerix. “We have demonstrated preclinical safety and efficacy of our oral, small molecule program through well designed pre-clinical studies, and are now poised to take a major step into clinical development. Our intent is to deliver a novel therapeutic strategy to meet the major unmet need for new treatments in Alzheimer’s and related dementias.”
Oligomerix will also use a portion of the Series B funding to conduct early characterization research on the Company’s multiple second generation series of assets, which will be focused on disease modification in dementia.
“Over the last several years, Oligomerix intentionally sought support through non-dilutive NIH-sponsored grants and other small rounds of funding to finance the company. By obtaining funds through this approach, we were able to control and bring value to our lead small molecule program through preclinical testing, which we completed at the end of 2021. However, we are now actively broadening our search for additional investor funding to support our continuing clinical program,” said James Moe, Ph.D., MBA, President and CEO of Oligomerix.
About Oligomerix’s Lead Program
Oligomerix’s lead clinical candidate is an oral, small molecule inhibitor of tau self-association that targets the beginning of the tau aggregation cascade, a process thought to be important in the development of Alzheimer’s disease and other neurodegenerative disorders. The lead candidate has demonstrated efficacy in animal models of tau-mediated neurodegeneration. Preclinical safety studies are completed and Phase 1a clinical studies are planned to initiate in the third quarter of 2022.
About Oligomerix, Inc.
Oligomerix is an emerging clinical stage biotechnology company focused on developing disease-modifying therapeutics for neurodegenerative diseases characterized by aberrant tau protein ranging from rare tauopathies such as progressive supranuclear palsy and frontotemporal dementia to Alzheimer’s disease.
Oligomerix discovers and develops differentiated, oral, small molecule inhibitors of tau self-association, to develop medicines that are easy to administer and cost effective. The Oligomerix portfolio of compounds is expected to significantly add to newly emerging high-cost therapeutic options such as the monoclonal antibody products.
Oligomerix is headquartered at the Westchester Park Center in White Plains, New York and has lab facilities at the Ullmann Research Center for Health Sciences within the Albert Einstein College of Medicine. Follow Oligomerix on Twitter and LinkedIn.
Oligomerix is seeking strategic partners and investors to support the acceleration and advancement of these important programs. For more information about Oligomerix, please visit our new website at https://oligomerix.com/.
Contacts
Company Contacts
Jack Pasini
Chief Commercial Officer
917-912-4088
jpasini@oligomerix.com
James Moe, Ph.D., MBA President and CEO
646-373-6897
jmoe@oligomerix.com
Media Contact
Michelle Linn
Bioscribe
774-696-3803
michelle@bioscribe.com